Member Info for Croxie

Jonmo - again i agree, but none of us know the reasons he sold, and why he didnt sell at a higher price. I suspect personal circumstances are the reasons behind it

Jonmo - My point is, they would have got approval for the transaction.

I suspect dealings of this nature would have to be given approval first by the NOMAD or they would have taken legal advice to ensure this is not insider dealing. Don't you think PRD would have known about the insider dealing question and the **** storm it would will bring

Do we really think he sold because he sees "the writing on the wall"? - have a look across the market across the next week and you will see a lot of director dealings...its no coincidence that 31 July is deadline for SA tax payments...but he may have sold for a number of reasons...the last reason being because he of the current position of PRD...he leaves himself with a tidy 2.5m shares

Meth - perfectly summed up. We will either fund raise at a higher SP due to proving up MOU-1 as commercial or fund the MOU-4 drill out of operating cashflow.

Agreed to Methodology - Do we have any idea on timings on confirming if / or not MOU-1 is commercial?

My gut feel is that we will see some form of cashflow from operations in the short term and that is what will fund the MOU-4 drill. This might come as you say from proving up MOU-1 as commercial.

Mossma - this is my thinking. Yesterday's placing was far from ideal but they needed working capital to meet commitments until the "secret" project starts to generate cash.

hey no problems Pawn - Do you get my point? I am wondering if a project is close to being generative and therefore has the potential to fund the MOU-4 drill.

The £1.5m can only be drill costs, funds to cover work at TT or something else.

I thought the work work ongoing in TT was pretty fixed and maybe £100k pa?

Pawn - this was yesterdays placing. I am referring to the 15p placing on 4th June. Where have those funds gone? Don't forget they raised £1.785m at 10.5p in March (i believe) which i assume funded the MOU-1 drill. Based on the the last set of filed accounts, PRD have a fixed cost based of c£1m.

This placing is interesting - clearly they needed to raise funds in hurry. What did PRD need these funds for? was it a deposit? a JV? reading the RNS again i can't see or understand how this £1.5m was going to be spent - does anyone have any ideas?

"Use of Proceeds

During the past few months the Company has made significant progress in developing additional business opportunities.

The previously announced submission in response to the call for an Expression of Interest in an FRSU LNG facility for Morocco has raised the Company's profile in Morocco and within the global LNG downstream sector.

The previously announced C02 EOR services Heads of Agreement was signed with Massy Gas Products Trinidad - currently the only supplier of surplus liquid C02 in Trinidad. The new joint venture will raise further the profile of Predator within Trinidad and increase the rate of roll out of our C02 EOR services business.

As previously announced a Collaboration Agreement with a leading Trinidadian industrial company was signed with Lease Operators Ltd. ("LOL") for the PS-1 Block in the Palo Seco PS-1 field to provide C02 EOR services. LOL secured a 10-year contract with State oil company Heritage Petroleum Trinidad Ltd. ("Heritage") to further develop the PS-1 Block in the Palo Seco PS-1 field. Application of the Company's C02 EOR expertise has an important role to play during the period of the LOL and Heritage contract. Lease Operators Ltd. are one of the largest private Trinidadian companies"

you didn't need to be a rocket scientist to figure out there was going to be placing! jeeeeeeeeeez

Cav - your agenda is pretty transparent...your contribution is about as useful as a chocolate fireguard...

"Current working capital

Current working capital is sufficient for existing commitments and corporate overheads through 2021. These include closing out of drilling costs for MOU-1; LNG desk-top studies and public consultation requirements; and ongoing CO2 injection in Trinidad with reactivation of wells for production based on currently observed rising reservoir pressures. Timing of well workovers has been influenced by a difficult operating environment in Trinidad caused by the resurgence of COVID."

Ambiguous - Does the drilling of MOU-4 come under existing commitments? and is therefore funded?

"MOU-1

Perforating & testing programme

TGB-2 target successfully reached according to pre-drill prognosis.

Higher log resistivity and dry gas readings in TGB-2 unit over a gross interval of 75 metres despite significant increase in mud weight required whilst drilling.

Perforating and testing warranted to evaluate commercial flow potential."

From the RNS - So MOU-1 potentially commercial and not a "duster". So could MOU-1 be cash generative in the very near term?

Sorry for the OT. The BB on ADVFN is a nightmare. They have been firming up the resources...north of a billion barrels of oil. hence my comparison on here...I sense we are the gas equivalent of PANR...they have a MC of c£400m and ours is c£17m...and they need to fund a huge drill during the drilling season...I suspect we need to find £2m to drill MOU-4...albeit a fundraise or via a partner...

I don't know if any of you are following what is going on with PANR and 88E...but in terms of size...I suspect this is/could be the gas equivalent...we just happen to be drilling in Morocco and they are drilling for oil in Alaska!

Great posts from the usual crew on here over the weekend and today. a huge help in understanding more of what we have and what the MOU-4 drill might tell us...massive thanks as always

Thanks again - so the c£1m is upside in my calculation

Thanks Narrator, So:

£1.325m Cash at 31/12/20
£1.785m Placing 25/03/21
£3.560m Placing 14/04/21
------------
£6.67m
-£0.75m Running costs (based on fully year 2020 cost of £1.4m.
-£1.80m Drill costs for MOU-1
-------------
£4.12m
-£1.785m lets assume the last placing has been earmarked for a "secret" project
--------------
£2.335m that leaves this as cash

Lets call it £2m to allow for "other" costs - so how much of a fundraise do we need to do to drill MOU-4 and have sufficient cash in the business as WC?

Just trying to get a handle on the current cash position, this is what i know:

£1.325m Cash at 31/12/20
£1.785m Placing 25/03/21
£3.560m Placing 14/04/21
------------
£6.67m
-£0.75m Running costs (based on fully year 2020 cost of £1.4m.

Does anyone know/recall the estimated drill costs for MOU-1? aware of estimated costs in TT YTD?

Thanks